Home Sales at Lowest Level in More Than a Decade

Editor’s Comment: THIS IS WHY EVERYONE SHOULD BE ALARMED AT THE FAILURE OF THE COURTS AND GOVERNMENT AGENCIES TO GIVE THE STOLEN PURSE BACK TO INVESTORS AND BORROWERS. EVEN IF YOU ARE NOT UPSIDE DOWN, EVEN IF YOU DON’T HAVE A PREDATORY LOAN YOUR HOME, YOUR LIFE AND THE ECONOMIC HEALTH OF YOUR SOCIETY IS CRUMBLING UNDER THE WEIGHT OF SOME IDEOLOGICAL NOTION THAT IT IS BETTER TO FORCE MILLIONS FROM THEIR HOMES AND CHEAT INVESTORS THAN TO LET THEM HAVE RELIEF. THE FIGURES WERE BOGUS. PRINCIPAL REDUCTION IS NOT A GIFT IT IS A RECOGNITION OF REALITY.

Home Sales at Lowest Level in More Than a Decade

By DAVID STREITFELD

Housing sales in July plunged to their lowest level in more than a decade, exceeding even the grimmest forecasts.

The National Association of Realtors said Tuesday that the seasonally adjusted annual sales rate of 3.83 million was 25.5 percent below the level of July a year ago.

July was the first month that buyers could not qualify for a tax credit of up to $8,000, so analysts were expecting weak results. But their consensus called for a decline of about 13 percent.

“Truly gut-wrenching,” said Jennifer H. Lee, senior economist for BMO Capital Markets.

July sales were down 27.2 percent from June. It was the lowest rate for existing-home sales, which include houses, condos, co-ops and town houses, since 1999. For sales of single-family homes, it was the lowest rate since 1995.

The number of homes on the market increased only slightly but the large drop in sales was enough to push inventory levels up to 12.5 months. A normal market has an inventory level of about six months.

Higher inventories anticipate price declines as many sellers compete to take advantage of fewer buyers.

The drop in sales came despite the lowest mortgage rates in decades.

The Realtor group was optimistic the fall-off would be temporary, as long as the economy improves — a rather big “if.”

“Given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs,” the group’s chief economist, Lawrence Yun, said in a statement.

6 Responses

  1. …MORAL obligation…?
    Let’s compare dictionaries! This must be a bad translation of a foreign article into English.

    The WSJ article is typical of the double dealing duplicity, deceit, and chicanery!

    Pay debt? To whom? Just because highly organized predators say so?

    The only folks this generation is indebted to is the future generation of our children.

    THEY ARE THE ONE AND ONLY CREDITOR.

    They have paid our loans off with their future taxes.
    .

  2. from the WSJ article .Commercial Property Owners Choose to Default

    “Banking-industry officials [ hahaha ,yea rite!] and others [who are other?? FOX news?] have argued that homeowners have a moral obligation to pay their debts even when it seems to make good business sense to default.”

    yo banking official .. i have your “moral obligation to pay their debts” come and get it ,
    In the same sentence “Banking-industry officials” & “moral obligation” is a total contradiction of term..The banking industry business model is the complete opposite of “moral obligation” , prey on MIDDLE-CLASS those who have and or own the LEAST ,where any lose is total ruin . “moral obligation” my ass. Oh yea ..”pay their debts” = PAY THE BANKS once again the double speak of legalese by the “legally owned media ” news industry & puppet commentary . You should be “ashamed of yourself ” not paying the bank, looking at that starving bankster over-there just trying to make a living…ya know…Mr Bankster … I have your “low hanging fruit” thanks!

  3. Banking industry officials and others have argued that homeowners have a moral obligation to pay their debts even when it seems to make good business sense to default. Individuals who walk away from their homes also face blemishes to their credit ratings and, in some states, creditors can sue them for the losses they suffer.

    They can lie cheat and steal but never go to jail. Again the home owner is screwed by the banksters. It is moral for the home owner to walk away from a position of usury. The homeowner did not create this mess. The fingers can be pointed at the government and the thieving A$$ banksters on both Wall Street and Main Street.

    Be a patriot and stop your mortgage payment !

  4. Financial terrorism must be stopped in our homeland. Terminate mortgage payment! I see it as our patriotic duty and the only one way to stop these dirty S.O.B.s
    This is war ! Do not be a victim. Be a Victor!

  5. perhaps this explains part of the problem… everyone need’s a good laugh every now and then!

    http://blogs.wsj.com/developments/2010/08/23/real-mystery-reits-top-list-for-drug-use-on-wall-street/

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